Morton Credit Union
- Assets
- $5.4m
- Revenue
- $387.2k
- Investments
- $0.0
- Employees
- 3
- Location
- South Hutchinson, KS
- Founding
- 09/1982
- Data as of
- 12/2023
- EIN
- 48-0544200
Organization Overview
Morton Credit Union is located in South Hutchinson, KS. The organization was established in 1982. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2023, Morton Credit Union employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Morton Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2023, Morton Credit Union generated $387.2k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 6.0% each year. All expenses for the organization totaled $346.1k during the year ending 12/2023. While expenses have increased by 4.4% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE HIGH QUALITY FINANCIAL SERVICES FOR OUR MEMBERS/OWNERS, ENHANDING THEIR FINANCIAL WELL-BEING WHILE MAINTAINING THE FINANCIAL STRENGTH OF THE CREDIT UNION
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES FINANCIAL AND FINANCIALLY RELATED SERVICES TO 846 MEMBERS
PROVIDES A SOURCE OF CREDIT TO MEMBERS AT A FAIR AND REASONABLE RATE OF INTEREST. AS OF DECEMBER 31, 2023 THERE WERE 457 LOANS OUTSTANDING TOTALING 4,122,559
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christie Gardner Manager | Officer | 40 | $50,032 |
Tom Gisick Chairperson | OfficerTrustee | 3 | $0 |
Pam Babcock Board Member | Trustee | 3 | $0 |
Mark Reese Board Secretary/treasurer | Trustee | 3 | $0 |
John Mazur Board Member | Trustee | 3 | $0 |
Heather Gaines Vice Chairperson | OfficerTrustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $293,974 |
| Investment income | $93,268 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $387,242 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $50,034 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $63,894 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $500 |
| Payroll taxes | $9,340 |
| Fees for services: Management | $4,188 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $11,734 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $3,996 |
| Office expenses | $50,543 |
| Information technology | $80,392 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $532 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $275 |
| Interest | $2,694 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,231 |
| Insurance | $7,590 |
| All other expenses | $13,356 |
| Total functional expenses | $346,118 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $117,711 |
| Savings and temporary cash investments | $1,145,416 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,063,343 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $14,785 |
| Net Land, buildings, and equipment | $44,714 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,801 |
| Total assets | $5,395,770 |
| Accounts payable and accrued expenses | $269,889 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,467,063 |
| Total liabilities | $4,736,952 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $658,818 |
| Total liabilities and net assets/fund balances | $5,395,770 |